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the france where the thinker quarter gdp is showing growth of less than 1 is% for the whole 2012. stephane pedrazzi joins us now from paris. stepha stephane, not a great set of growth figures for france. >> no. that's because of the fourth quarter. now a contraction of 2% of gdp is being tracked. it believes the economy will improve marginally next year. its target, 1 mers increase for the first and second quarter of next year mainly because of flat consumer spending. you know consumer spending is the main growth driver in france, raising the prospect of the weaker expected growth next year again. the officials target for the government is at 0.8%. we might be below this target and if that's the situation, the government will need to find additional resources of budget cuts. this morning, the french president confirmed the deficit target of 3% for the next year. he also said that the unemployment rate should decline at the end of the year even if the next year will be a difficult one. in the meantime, french unions, and employers have decided to extend negotiations from competitive net in
quarter. the eu, banking -- things like nap but, again, still down. >> not great news for france if we start to look at some of the indexes. there's a lot of focus on this economy. >> exactly. and the weakest spots, given that it's the second largest economy. now, we did see that return to growth for germany, which is a positive and will be a good gain forward. but say order box, very weak. demand, very weak. business confidence very weak and this is going to be hitting activity indicators going forward. >> even though the manufacturing side of it disappointed, the services was stronger. while services is a big part of the economy, it's where we're trying to see the rebalancing in the german economy happen. from that point of view, probably a rather encouraging development. >> it is interesting. it's also very exportwise. what we saw on these numbers was german exports falling sharply again. and this is just signaling that global economic conditions, soft patch very weak, particularly for the region -- i'm sorry, within the eurozone itself. >> and it's consistent with the weakening glo
cementmaker dipped to restructure its european operations. they could put charges of over 500 million francs. carolin has more out for us out of europe. >> hey, ross. let's take a look at the market reaction. initially, the reaction on the markets is quite subdued. now accelerating its declines, off by 7.1%, the second worst decliner on the market. let's come back to holcim. it is responding to the sluggish construction environment in europe and that is why it's restructuring its european operations. it is taking a $440 charge on write-offs for property plan and equipment. on top of that, it sees an additional 1100 million swiss francs in costs for the fourth quarter. so the overall hit to the fourth quarter will be 500 million swiss francs. it does say that the rebound will save around $120 million swiss francs annually. but overall, analysts are surprised about the size of the additional write-offs that will be booked in the fourth quarter. but holcim is trying to reassure investors this morning, saying there is still potential for a dividend payout for 2012 but that decision will be taken
firmer agt the dollar. this is bank of france governor says the city of london should no longer be the main trading hub. is he whis links in tling in th is it doable? >> i think if you look at the figures they speak for themselves. at the moment 40% is actually this london compared to maybe 3% in france, 2% in germany, and it's not just that london dominates, but that the long term trend is actually away from france and germany and towards london. so a tough challenge for the ecb. >> so even if eurozone banks -- i suppose can they lean on eurozone banks to move their trading floors to paris and frankfurt. i don't know. >> that's true. and the fact is with currency, it's not just about trading the euro, it's what you trade on the other side, as well. london is the center for fx liquidity. that's the way it is. so the direction of things is not favoring anybody moving their trading floors towards mainland europe. >> fair enough. so what happens to the euro? we're sort of near a range high here at the moment. and how much problems are there going to the at 1.3050? >> it's an intere
in swiss francs. but because we are, again, operating in so many countries, having local costs, local currency costs as well as local currency revenues, we don't have any dilution of our profitability because of the strength of the swiss franc. so, actually, the more the swiss franc appreciates, you know, it has absolutely no effect on our profitability. it has an effect on the translation standpoint that it's stronger on the basis. >> okay. some interesting points. i think what's interesting is when you come here, we got a meeting today, kelly, of the account and they're going to approve pakistan later. but working on the bits of the doha rounds. one of the things that's going to be interesting is particularly the supply chaines and global exports. that's one of the things they think they can get pretty good progress on. for example, good at a port. why does the kaber have to be held up for sort of a week or two weeks and not put straight into the country? a lot of international countries saying that's a bigger hit on earnings than 1% or 2% in duty. it's getting this in the increasin
concerned about france and spain than i am about italy. >> we'll talk about those. >> let me add asking. if italy is in this situation now, it relied on the easy way out. and politicians, including berlusconi, didn't have the foresight to see that. >> thank you so much for coming by. >>> staying at the eurozone, investors will be watching for anything coming from the italian crisis. the results of the spanish bond actions are due around 12:40 cst. hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should trust. so no dividends, jobs may go and the sale of celiamerica being looked at. the cfo says there's a handful of interested parties in that particular party of the
:20 central time, we'll speak to the world travel council to find out why france is still the world's top destination but more money is spent in the u.s. and central america is now a star performer. first, we want to get the latest news. looking for confidence out of germany's ifo survey. if we can put it up on the screen, that would be a help as i'm working to get it up at the moment. as soon as we get the numbers on that front, i will bring them to you. looks like we're still waiting on that. in the meantime, send in your thoughts, questions and comments about the program to worldwide@cnbc.com. and the biggest news of the morning, we have a deal. after 14 hours of talkes and months of negotiations, an agreement has been reached on a pan european banking supervisor. european finance ministers say they've drawn up plans to allow the ecb to directly supervisor the three largest banks in each country except for the uk and sweden which have both opted out. european leaders need to give their seal of approval and silvia wadhwa is in brussels with the latest. sylvia, it sounds like the meeting
assesd.d. he f f f f f f should be hired if necessary. andre-claude lacoste is the former head of france's nuclear authority. he say prior to the fukushima accident, the operators only implemented the safety measures that were legally required. he said it's dangerous for plant operators to rely only on state regulations and that they should be encouraged to voluntarily enhance safety. the chairman of the nuclear regulation authority says he's not satisfied with the safety awareness level in japan's nuclear plants. shunichi tanaka says the country must boost those measures by listening to the advice of foreign experts.>>>>>>>>>>>>>>> criticism of this week will be taken as a more than 100,000 celebrated the launch in pyongyang, including officials from the korean workers party and military. the party secretary said claims by the u.s. and other parties that the rocket is ballistic missile is false. it has been released and is orbiting earth. south korean officials say it had an estimated range of 10,000 kilometers, enough to reach the u.s. west coast. >>> south korean forces have retrieved
is the former head of france's nuclear authority. he say prior to the fukushima accident, the operators only implemented the safety measures that were legally required. he said it's dangerous for plant operators to rely only on state regulations and that they should be encouraged to voluntarily enhance safety. the chairman of the nuclear regulation authority says he's not satisfied with the safety awareness level in japan's nuclear plants. shunichi tanaka says the country must boost those measures by listening to the advice of foreign experts. >>> north korea says any criticism of the rocket launch they carried out this week will be taken as a declaration of war. more than 100,000 celebrated the launch in pyongyang, including officials from the korean workers party and military. the party secretary said claims by the u.s. and other parties that the rocket is ballistic missile is false. it has been released and is orbiting earth. south korean officials say it had an estimated range of 10,000 kilometers, enough to reach the u.s. west coast. >>> south korean forces have retrieved a portion of t
, they were the uk and france in joint plays. >> i was hoping maybe the uk would get an olympics boost, but it appears to be still trailing italy by quite a ways. but there were no italian locations in the most instagram places until the world. six california locations made the list. and the top two places most snapped and shared on instagram may surprise you. they were the shopping mall in bangkok, thailand t b, and the sunni's airport. >> where is your top place that you would like to go, christian? >> i think i go with the americans here. i think it looks most likely that we're going to be in italy. >> i thought you meant he were going to the americas. but that's all right. >> i'm going with the americans will be. >> where in italy? >> sicily. sicily looks -- first of all, it's some place i've never been. in london any time of the year but certainly in summer. >> are you an instagram user? >> i am not. >> where do you want to go, kelly? >> in 2013? >> yes. >> i suppose i get around to see more of europe. i would love to go to russia and see moscow and st. petersburg. >> don't go in
times that of france or australia. it is 12 times higher than the average for other developed countries. why is that? if psychology is the main course, we should see that we have 12 times as many psychologically disturbed people as the average. we don't. in fact, america takes mental disorders seriously, treats them and doesn't stigmatize them. we do better in this area than most of our peers. is america's popular culture much worse than other rich countries? not really since it's largely the same popular culture worldwide. england and wales are exposed to cultural influences as the u.s. yet, their rate of gun homicide is some 3% of ours. the japanese are at the cutting edge of the world of video games, yet the u.n. puts their gun homicide rate at close to zero. why? well, they have one of the most restrictive series of gun laws in the world. when looking internationally, it is obvious that the one feature of america that would explain why we have so much more gun violence than the rest of the rest of the world is that we have incredibly permissive laws allowing the sale and possession
. britain had three, was slowly losing common-law, france, germany and most european states had three, but some european states saw their religious character already beginning to fade. but around the world in africa, asia, latin america, few states had common-law and property rights with titles and deeds. america first came to world prominence after the spanish-american war ended in 1898. at the first time, it's argued that the u.s. acquired an empire with cuba and the philippines. yet, this were only revealed the deep differences between america and everyone else in history. for one of the first things, the american congress did after the war was pass a law requiring the united states to give up the cuba. one searches in vain for major world power to ever voluntarily departed from concord region. at the 20 century gun, a group of liberal elites who embrace the program loosely known as progressivism, challenging, criticized these four pillars. most were hostile to common-law with president woodrow wilson being the prime example of one who thought the constitution needed tv malleable a
is dictating to the market what can be brought to t market. for example, france, belgium, outlawed fracking. melissa: wow. >> in years to come they will be more dependent on imports of natural gas. japan in the wake fukushima is now downgrading its nuclear industry. in the future it will be become more dependent on these resources. the united states is embracing these resources so we're the united states and canada, for that matter are moving towards energy independence, europe and parts of asia are --. melissa: moving towards being more dependent. the problem china is having with the water is something we were suffering from this summer in the drought as well. is there a solution for that coming down the road? is there a way for recycled water for fracking instead of drinking? s seems like somebody would fix that problem? >> again this is part of the environmental concerns and are fantastic being brought to the fore, the industry here in north america is coming greater scrutiny. this technology has been around for 30 years. it is proven to be safe, but the greater the technology the better
>>frank: francs. this is on the libor manipulation charges. ubs must pay swiss regulators $59 million in profits because the regulator can't fine ubs. the fine from the fsa is the biggest ever, 160 million pounds, $1.2 billion will go to the u.s. regulators. so the second biggest fine that was ever handed to a financial institution. of course, following that $1.9 billion fine that was given to hsbc. what we do know is that the company is admitting criminal wrongdoing in its japanese arm because, you know, around 30 traders worldwide had manipulated the yen libor between 2005 and 2010. the ceo speaking this morning says, you know, despite the troubles in the japanese arm, he does not believe that there's -- the bank is going to be shutting down the operations in that country entirely. saying that 30 to 40 people have already left the bank. they also gave us a bit more information on what kind of impact this will have on profits. they see a fourth quarter net loss of around 2.5 billion swig franks. a full-year profit of 2.5 to 3 billion. and the most important part, why shares are trading up. they
roughly speaking in the likes of italy and france and actually grew for germany. then in q4, it seems that there is a greater degree of destocking i think, materializing. i think that is going to lead to some weakness on the industrial production side and it does appear that the austerity is very much perceived by household and by service sector companies. and that explains this relatively soft data. it's a sign that really we are still in a period of multi-year major fiscal entrenchment and at the same time, we have a very cautious perspective towards taking on debt. both by the suppliers and the demanders of that debt. >> julian, very briefly, will we see more qe? will we see any more next year or not? >> well, it will depend, i think, on how things develop. on our baseline forecast, the answer to that would be no because we are looking for recovery coming through really reasonably significantly from the first quarter of next year with .4% quarter on quarter. >> julian, thanks for that. always good to see you. julian kelly joining us from barclays. which country is more corrupt and
to raise the debt ceiling. dennis: what is a few hundred billion between france? coming up on our all-star panel, stop dithering in washington and get a deal done? cheryl: there's more hope for housing recovery. the national cessation of home builders now with the latest survey showing home builder confidence at its highest level since april of 2006. joining me is the ceo of the n h b and a lot of analysts were looking for that 50 mark and the index breaking through and what happened? >> just like everybody else, our members are watching the fiscal cliff discussions and potential implications of raising taxes on small businesses, small-businesses the 70% of the everybody else we are holding our breath and hovering just below 50%. cheryl: what do you remember about the mortgage interest deduction? that is on the table in the fiscal cliff, and you worry about housing? >> absolutely. with this recovery in release stages we are concerned about anything that would kill the markets and raising taxes on small business, and when the signs are positive, just a little more cautious than we thou
. appreciate it. france is pretty good, too. >> bye. >>> coming up, the early read on the trading session from the futures pits in chicago. >>> first, are you expecting a year-end bonus? what is that? you ever heard of -- no. we have not. a survey by challenger, gray, and christmas finds three out of four -- three out of four? will be handing them out. three out of four. thanks, nick. >> we're the bottom four. >> we're the four. handing them out, up 53%. we get these buttons. that's up 53% from a year ago. [ male announcer ] when gloria and her financial advisor made a retirement plan, they considered all her assets, even those held elsewhere, giving her the confidence to pursue all her goals. when you want a financial advisor who sees the whole picture, turn to us. wells fargo advisors. ♪ [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 ml350 for $599 a month at your local mercedes-benz dealer. >>> dow futures up. s&p
. we have disagreements with canada on trade issues. we have disagreements with france and mexico and many other countries. there is a mechanism by which we can all go to neutral refereeing of those issues. the wto is one way that we can do that. [inaudible] >> i did not have a chance to read that article. am not familiar with everything that was mentioned in that article. two months before the election, there was this big tough-on- china -- >> the pivot was announced almost a year before that. what set of the discussion of the exhibit was the announcement -- pivot was the announcement of rotating 2000 marines throughout australia. i do not think china should be fearful of 2000 marines hit in australia. -- in australia. our engagement with other countries throughout the asia- pacific region will focus on more cultural, economic assistance as well as military collaboration. even with china itself, we're engaging more with china. this has been from the very beginning of the obama administration and is also part of the pivot. the pivot is not just focusing our attention on the other
is up, the ftse is up, the france, the cac in france has turned slightly down. but, again, this is a marginal loss of about three points. most of the major asian stock markets were higher overnight. and among the catalyst here, signs that china's recovery is gaining traction. sources say that the bank of japan will ease monetary policy this week and consider adopting a 2% inflation target no later than january. policymakers are seen responding to pressure from the incoming prime minister there. shinzo abe for stronger efforts to beat deflation. in the meantime, india's central bank kept interest rates on hold yesterday ignoring pressure to reduce borrowing costs. policymakers said they were shifting the focus to reducing the economy and that raises the odds of a rate cut as early as january. andrew olson, over to you. >> ubs reportedly nearing a fine of up to $1.5 billion. the bank is close to finalizing a deal with regulators according to the financial times. about three dozen bankers and senior managers are said to face criminal or civil charges. >>> and it's official th
burden the east and the west is flat plains, so germany had a war over the century with germany or france or that area and poland and because germany was a continental power sandwiched between the maritime europe on one hand and the heartland towards the other it was always problematic which we it would go and how it would develop. i can across this book by accident in early 1989. the berlin fall with -- berlin wall would fall but november. it had occurred to me after reading this book and other books that the berlin wall or the dividing line between eastern and western germany was one. creation of german history that would reinvested soften different territory always in the future so today we have a united germany that trades immensely with poland and has had a wretch most wall -- to approach what and where the european union and the nato or meant to keep russia out and the germans down now they are triumphant economically. germany may not have the solution to every economic problem but to berlin is the point of arbitration for all of them so the question arises and this goes back to the
possibility similar to france and china and our chairman here included to that. the recent gao preliminary assessment of california's cost estimates show california high-speed rail authority has secured 11.5 billion from federal and state forces and still needs a shortfall of 57 billion to move forward. to put this investment into the 1950s, congress took old action to invest in its infrastructure and create a system. the system to be five years to build and after several editions a total length. the cost of construction has been estimated at over 425 billion in today's dollars that we're making that same decision. cert and we shouldn't afford at this time. urban mobility report by texas transportation institute found the cost of the slow speed but we currently have on long delays and endless congestion can dniester cost the united states over $100 billion annually. now it's time to make the investment for alternatives to congested highways and simultaneously create jobs. the intercity passenger rail service is one of those alternatives that many speed trumps long delay that faces our nati
's ceo says applications were coming in at a rate of two per minute. and if you travel to france, speaking of traveling, and get a craving burger king has opened a brampbl at branch at the airport. now if you're traveling to france, you can have a whopper, although i don't think you're a vegetarian are you? >> yes, i am. but you've got to wonder what they saw in their research that made them go back to france. >> i think it's just globalization. you have more people traveling. you have americans -- it's widely known that americans are all over the market. bigger market and place to go. not too terribly surprising. >> lisa sylvester, thanks. >>> new englanders are shoveling snow while southerners are shir v shivering. the latest on what is a winter storm and what is coming next. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. get the best offer of the year -- 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. hurry. bonus cash ends january 2nd. i just serve
it on the revenue side. otherwise we're going to be looking at tax rates that would make france's new socialist government blush. you can't get there from here. >> i'll tell you something, jeb, i'm a stock guy. just like you, you don't want to talk about taxes. let's forget about this whole tax side. i want three ways to cut spending by $500 billion right now. how about we take social security up to 68. how about we slash medicare benefits? and why don't we cut the -- the defense budget? why do we need people in europe? why do we need them in japan? what are we doing in decree california? i want some answers to this. >> well, go to the web and look for the republican budget. that was written by the chairman of our budget committee paul ryan. you will see these savings -- >> 30-year, 40-year plan. i want to know what we can do -- >> well -- number one, defense has already been cut. we can debate how much it should be cut further but it has already been cut. i mean that's just a fact. >> but we added -- >> -- defense on the republican side. you have that global war turf. -- good idea. >> say agai
is set to open below 13,000. markets in europe mixed after a shortened session in the uk, france and spain. our road map starts right where we were months ago, waiting for the 112th congress to agree on a debt reduction package. the senate convenes at 11:00 a.m. >> the dow had its worst day in a month on friday. set to close december with a loss. the question is, does it continue to sell off if there isn't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized. >> but of course, we start in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if thi
in the world. france, 2.08. the u.s., 2.06, ireland, 2.01. in red, they're looking at next generations that will get smaller and smaller and smaller. the uk, well under 2. china, 1.55. we know they've actually implemented policies because they want to control population. in the bigger picture, fooling around with mother nature in this way could have hugely negative consequences. russia 1.43 and germany, 1.41. at the very bottom of the list, other than certain countries where the information is not available, the bottom of this list was singapore at .78. i know we're dealing with so many issues nowadays and i blow a gasket over many of them, whether fiscal cliff, unfunded liabilities, at some point, growth is the answer. when you start considering where the engines of growth have been and what their population declines may be, it makes one wonder, where is the horsepower from global growth will come from and this at some point needs to affect the picks in your stock portfolio. back to you. >> rick, i'll take it from you, rick santelli. >>> even starbucks is worried about the fiscal clif
before the house gavels in at 2:00 p.m. eastern. [applause] >> ladies and gentlemen, france, -- friends, this is a singular honor to be a guest in this temple of civic life. thanks to all the good people for making this possible, to my publisher, the staff that are manning the barricades outside. my novel is debt crisis and the future of the world economy. i will be arguing that there is no such thing as a debt crisis. there is no debt crisis in the united states of america and europe, and there is no such thing as the debt crisis in my own country, which is nevertheless being consumed by debt. you know the joke about balloonist. the balloon has been blown off isrse, and at some point they no such thing as a debt crisis. manage to gain control of the balloon and lower it above a farm. the farmer comes out and looks up at the balloon and one of the balloonists says, excuse me, sir, where are we? and the farmer says, you are in a balloon. the balloonist says, he must be an economist. precisely accurate, and hopelessly useless. [laughter] we have a doctor here amongst us. imagine if you ha
britain germany and france has moved from the country side to the cities two, hundred million people. and they don't have the same status as those who live there of initially, officially, you have an urban middle class 300 million people and growing .. this is a society that has got a lot of pushes and pulls going on, and my worry is that if they find it difficult to manage that, they resort to nationalism, you have seen a little bit of that toward japan, and the problem is, that that wells up from the people. that is not the government and the government has tried to use some of these demonstrations to sort of make a point about japan, and they nearly lost control on a couple of occasions, so i -- i think that -- i don't think of china as an enemy, it is a competitor. it is a partner in many ways. but we also have to work with the chinese in terms of how do we -- how do we persuade them to become a responsible steak holder? .. and sort of abide by the rules? china's rise is not necessarily disadvantages you to the united states. >> rose: it is not a zero sum a game? >> no, i don't
from a climaxed during subsequent visits to england and france. in london he attended a gala luncheon with the head of the canadian pacific railway and even better he met sir robert powell, founder of the boy scouts. when he was in paris seesaw around the world in 80 days, a very popular stage version of the novel that had been playing for decades. he watched a copy of the novel being printed expressly for him down in gold and embossed with his name on the cover. he then met jules verne's grandson who escorted him to grandfather's grave. they're surrounded by local boy scouts he later wreath with the message in memory of jules verne, from his greatest admirer . avoided aviation in order to make some kind of point about their place in the world. bicyclist who were not from the western imperial powers began to rebound and the bicycle as a peaceful way to see the world. certain cycle the world from 1901-1904, gathering admiring newspaper accounts as he did so, but because he did not publish his own narrative of the journey, he remained better known within asia and beyond. later pleased t
. what was going to disagreements. the disagreements that canada, france and mexico and many other countries. but there's a mechanism we can all go to for a mutual refereeing of those issues are the wto is one way we can do that and the president has insisted that we do that. [inaudible] [inaudible] >> i'm sorry, i didn't have a chance to read the article. so i'm not familiar with everything else has mentioned the article. it's a question two minutes before the election there was this big tough on china team. >> in terms of the military, and that was announced almost a year before that. but what set off the discussion at the pit it was the announcement of joint exercises with australia and rotating about 2000 marines to australia. i don't think cheney should be fearful of 2000 marines in australia, but a lot of the dvd in terms of military collaboration with countries in the asia-pacific region involve responding to disasters at giving people the technical ability to respond to natural disasters and disaster relief. our engagement with other countries throughout the asia-pacific re
:00 in france. actually i'm going to go to my room so it's one more layer between myself. >> why don't you do it anymore? >> right. i have this toddler and i was running out of steam. i was not healthy anymore, not able to keep up with the lifestyle and then you know after bin laden knightknight, call it enlightened nights but after the night osama bin laden was killed by remember going back to see what i had gotten and you don't feel like that every day. this job deserves someone to tackle it every day like it's bin laden day. that was when i started reaching out to bring in hope paul who is here tonight who is the second additional white house videographer. >> is there anyone else doing this job? >> right here, right in front of you. >> sorry. >> i can do it. [laughter] >> we know what happens to all of the white house material that ends up in the presidential libraries but what about the campaign? >> the campaign stop, real decision had to be made. it was the server with wheels on it i think in chicago in and had to go someplace and he came to washington and lived at the dnc and was sort o
. shareholders have agreed on a deal designed to make the eads more independent and will hand germany and france an equal 12% stake in the company. and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities alleging the bank failed to recognize $12 billion in unrealized losses at the height of the financial crisis. they claim improper accounting on the part of the deutsche bank enabled the lender to exaggerate its capital position. and citigroup plans to shed 11,000 jobs around the world which equals around 4% of its workforce. some experts say this is part of a strategy led by their new coe who took job in october, however others say it has the finger prints of chairman
says it's looking to try to have the france telecom company buy assets from alcatel which, of course, burning cash is struggling if the french government is able to arrange this, by the way, it won't make a huge hit. it will amount to $100 million, with an m, or so dollars. maybe $100, $150 million dollars. those shares, nonetheless, they have been beaten down, about 3% higher in trade this morning. quick check on the bond space. today we are seeing a give back after the rally we saw yesterday. yields, though, roughly unchanged from levels we saw just 24 horse ago. 5.3 and about 4.4% respectively there. and we'll get into more on stability. forex, the euro/dollar has been in focus, giving its strength over the last couple of trading sessions. today, largely unchanged. 1.3228 is the level there. dollar/yen is in focus. it's giving back about .6%. the bank of japan came out with more quantitative easing, perhaps talking about a higher inflation target going forward. >>> coming up on today's program, we'll head out to new york and take a look at housing figures in the u.s. it looks like
and i had a chance to spend a little time on one of those trips and she went to france, egypt and tunisia. and i accompanied her on the plane and watched what was going on. she was non-stop. she took that kind of aggressive, non-stop travel to a certain degree from her husband the former president bill clinton. i traveled with him all of the time and he was non-stop, as well. we used to do day trips to bosnia or kosovo or whatever, and hillary clinton was like that. she moved, she moved, she moved, and i suspect we'll see that from john kerry and he knows he has four years to do what he needs to do and he'll try to milk as much of that as he possibly can. there are so many international issues out there on the agenda. i was surprised, i have to say. i thought he would speak after the president nominated him and say a few words and for some reason they decided he would not speak at the roosevelt room. normally they do that, but for whatever reason he didn't. he likes to talk, we know that. >> he does like to talk, and we know as well, secretary clinton when she was the first la
has hold return during subsequent visits to england and france. in london he attended a gala luncheon with the head of the canadian pacific railway and even better he met sir robert powell, founders of voice scouts. when he was in warsaw around the world in 80 days of popular stage version of byrnes novel that had been playing for it decades, he watched the copy of the novel being printed expressly for him bound in gold and embossed with his name on the cover. holds then met jules byrnes grandson who escorted him to grandfather's grave. there, surrounded by local boy scouts he later read the message in memory of jules byrnes from his greatest admirer. adult world circles at at the time a avoided aviation in order to make some kind of point about the places in the world. bicyclists who were not from the western imperial powers for example began to rebrand the bicycle is a peaceful way to see the world. teaching at the morrow for example circumciscircumcis ed a world from 19 1219 four gathered admiring newspaper accounts as he did so but because he did not publish his own narrative that
't affect the millionaires. they had to dial back. in france, of course, in all these countries and italy and other countries excise tax. they went in first. the cuts came after that, whatever meager cuts. that was growth of the growth off the growth. melissa: right. >> the lesson to be learned from europe isn't to be careful on cutting. it is to be careful on hike being, on hiking taxes. the beast is the government, in my opinion here. the beast is the government. you don't reward the beast by giving it more food, more dollars. that's what i near is going on here. melissa: yeah. lori: the president's desire to get rid of the debt ceiling limit at all, what kind of ramifications, what could happen? are we looking at another debt downgrade? a second downgrade could be really, really -- >> here is what i agree with him. this charade we go through every few months on the debt limit. republican presidents, democratic presidents, mark zandi from moody's it does damage our credibility. i agree to something like that. i didn't like fiat saying i will handle the debt thing. that would be like let
, and people who create capitol, invest capital. we have seen in europe and france especially, that kind of thing does not work. he does not have a mandate to hurt the economy which is the way the republicans should phrase this thing. why harm the economy now. lori: edges of the economy fall off the cliff to iraq or raising the tax on the wealthy. >> with the republicans should do, making the point they're raising taxes is a bad thing to do, let's postpone this bank. better to do that than to give poison to the patient now. our economy is starting to slow again. give people pause. when you do things in a rush to do things you don't anticipate. lori: our viewers know that you ran twice for president, republican, of course. you made your name many ways, but with your proposal for a flat tax, fair tax. just this week you were on capitol hill. how is your fair tax proposal in this environment being received this time around? >> people know we have to simplify the tax code. if the president wants to rise to greatness what he should do a state the emerging consensus among democrats, signing on
. in france, the cac up by about two-thirds of 1%. in germany, the dax up by 0.4% and ftse in london is up by a quarter percent. in asia overnight, you did see the hang seng down by about 1.2%. shanghai composite down, as well, down by 1%. in consider rea, the kospi up by 0.6%. oil prices have been a little weaker. down by about seven crept cents. and ten year note yielding 1.61%. that's been stuck in a tight range for quite a while. take a look at the dollar this morning. you'll see the euro at this point is still above 1.30, 1.3029 even though the dollar down across the board. dollar-yen at 82.10. gold prices this morning are up by about $8. as the fiscal cliff approaches, we're wondering what we can expect from the markets. our guest hosts again barry knapp and richard bernstein. barry, you're concerned about the direction the talks have taken. >> yeah, it's interesting as i actually traveled through europe last week, there is all this focus on the timing of getting a deal. but there is not nearly enough focus on what does the deal actually look like, what's the composition of the deal.
that right now there are modest gains there. in france, the cac up by about 0.7%. much more modest gains. ftse actually just about break even at this point. germany, the dax up by about 0.3%. in asia, you saw the hang seng was up just barely. korea was up just barely. the shanghai composite was up by close to 0.8%. and nikkei down by about a quarter percentage point. oil prices this morning pulling back a little bit. down another 33 cents to $88.76. yesterday we did see oil cross above $90 for the first time since october 22nd. ended up down at about $89. but crossing early in the morning above $90. the ten year note at this point yielding 1.639%. i feel like we look at the same board board every morning. euro still up above 1.30. the dollar-yen at 81.99. and gold prices this morning slightly lower. down by about $15. $1704.40 an ounce. kevin ferry at the cme, kevin, we are watching the fiscal cliff every single day kind of watching negotiations as they play out. maybe that's not the wisest thing to do with the markets. what are the things that are popping up and have you thinking about
at this hour, there they, they're all down. not great in france, but germany down about .7% and the ftse down fractionally. other news out of europe, debt tieback for from an day to receive additional buyback offers. those would be at deeply discounted prices and that would help lower the country's debt lead. >>> in asia, stocks touched a 16-month high and closed mostly higher on the session with good gains, as you can see, with the kospi up the most, 1.5 points. >> strong nebs out of china which suggest maybe the economy is rebounding more than expected. >> the exports. >> yeah. >> among the catalyst in asia trading today, economic stats out of china. export growths slowed sharply to 2.9% in december. that news j underscores the global headwinds dragging on the economy. but the chinese economy is showing solid signs of a pick up in domestic activity. industrial output was stronger than expected. the country has been saying for years it needs to shift a little bit from the export model the internal consumption. let their middle class grow and not be nearly as dependent on exports. and china's
three indexes is the dax in germany. up 75. you also see gains with the cac in france and the ftse in london. in asia overnight, you did see slight drop by the hang seng and shanghai, those were big gainers the day before. and in japan, the nikkei up by 0.8%, kospi up 1%. oil prices this morning are trading up about 28 cents, 88.16. the ten year note this morning is sitting right at 1.85%. you to you see pressure on the yield. dollar down once again today. the yen at 82.37. and the euro at 1.30777. and gold prices at this point are up 1.20. $1659 and ounce. >> wonder what boehner and obama talked about on the phone. i think it went something like this. your mother! no, your mother. no, your mother. and then it went back and forth. your mother to infinity. >> no, i think what happened is we realize that there's been an awful lot of theatrics. >> you don't think they said your mother? >> no. >> you don't think they hurled insults at each other? >> no. >> actually, boehner was just a dial tone. you said i'm supposed to do what to myself? no, that's not boehner. >> on the economic fron
the neighbors of syria and our allies in europe -- some of which have now been ahead of us like france, britain -- that we will focus in on this immediate, really potentially disastrous threat that assad will use chemical and biological weapons. >> you said a moment ago that iran is our most dangerous enemy. >> right. >> if so, how far should we be willing to go to prevent iran from acquiring nuclear weapons? >> well, you know, i just echo what everybody has said right up to president obama, that it's unacceptable for us to allow iran to become a nuclear state, that containment is not an acceptable alternative for all the reasons we know. i think that's absolutely right. it changes the whole balance of power in the middle east, it emboldens the terrorists like hamas and hezbollah that are agents of the iranian government. it probably, unless we're strong, leads some of our allies in the arab world to begin to accommodate to iran, and it's a threat to most of the rest of the world, including us. so, you know, the sanctions have been unprecedented, they're having an effect on the iranian economy
banks to the ecb. france wants the central bank to have ultimate responsibility. that's not to mention demands from the u.k., sweden, and the netherlands which makes us have stuart richardson, still with us, whether the banking union thing's going to happen. if so, when? >> i think the move toward some sort of banking union is in progress here. it has been -- european, a work in progress. so it would appear that sweden was coming out of thing yesterday, the dave before -- day before, they're not backing the full union. germany wants limited banking union. >> does it matter -- how urgently do we need this in place? >> i think it's one of the key issues that needs to be resolved within the whole european project such as fiscal and political union. i think that the -- if they're going do it, they might as well do it right. as an investor, to me it's not that important for the next one or two months of equity performance, for example. if they don't start to really flesh out what the framework it in the current time frame, i think the market could begin to get disappointed. >> can you actua
and france come we traveled there as the t-3, three permanent members of the security council who have worked together on many issues. but we did speak with the foreign minister, plus some of her colleagues. again, we raised the issue of the need to and outside support. as in previous discussions, the rwandan government strongly, vehemently denies that it is providing any assistance to the m23, and it has not taken the steps of publicly denouncing on a bilateral basis the m23. so we have raised this, and it's important that we continue to monitor this as others in the international community do on a very, very close basis. with respect to your second question about international support, or at least our bilateral support to the rwandan government, i start with what i said to congressman marino earlier, is that they utilize their international assistance, not only from us in particular, but others very, very effectively and to use it with great integrity. people get it. we are not providing any cash or check transfers. it all goes through international organization and donor groups that work w
to do that? do we need to go to coalition partners britain and france? where is the potential for mission creep and escalation? which is exactly what we house -- what we saw happen in somalia and it dovetailed off over mogadishu. and i do not think you mentioned to the warlords, did you? gregg's warlords are not here. of taking care of these problems. >> that is foreign internal defense. >> right now we have three personnel who are part of the monusco mission. when we had the training effort underway for the 391st, it was about 60 folks. there are now out. it is a limited footprint. about 17,000 u.n. troops in the congo. >> all of these different non state, non uniform belligerents coming together against our efforts, is there a potential there? >> no. i would like to underscore what has been said. we're not talking about american soldiers on the ground, engaged against rebel groups in the drc. that is not something that is in our game plan or in our thinking. what we need to focus on -- >> train and enable? >> to train and unable, build capacity. >> build capacity, an able an
in addition to support other contributing countries. european union, france, others have all already begun to reengage with maliian armed forces. it's not as if there is absent support for them in the intervening period. >> what lessons have i learned if i might, both ms. dory and mr. gast. we were actively engaged, the usaid mission celebrated a 50th anniversary, we were very involved in trying to sustain a culture democracy. whatlesssons are there that we might learn going forward about political failures, ignored domestic issues, our rather abrupt requirement that we break off relations and support here has created a great difficulty with regional consequences. what lessons would you suggest we learn from that? >> thank you, senator. excellent question. i would say in the best of times, mali is in a -- is a country in crisis. when one looks at a human development index, they rank in the bottom dozen. that's -- as assistant secretary carson mentioned, 90% of the population is in the south and that population is also in need of services. and so it is unfortunate that the government hasn't
in france the cac is off by 14 points. in asia overnight, we did see marketed markets. hang seng was down .4%. shanghai composite was up by about 4.5%. oil prices have been off by about 22 cents the last time we checked. right now down by six cents to $86.67. the ten-year note at this hour is yielding 1.723%. wow. yields come back up. i was out for about three days last week and yields have come back a little bit. dollar at this point is stronger against the euro. the euro is at 1.3159. we have seen the euro gaining ground. gold prices have been down slightly. down by 1,692. it's interesting to come back after three days and see it. >> it's telling the move would bring that reaction. >> it is. because it was stuck for so long. i haven't seen a 1.7 -- >> it went 8, 7, 6, 5, 4, 7 -- >> i haven't seen 1.7 in weeks and weeks. >> i was saying it's telling about how incredibly dead and -- telling about the ten-year, how boring and how narrow the range has been. like when greenspan said, i need to see that. he hasn't needed to see it for a while. >> i don't think it is his favorite any more. >> it'
're not being impacted at this stage. we are in the france, uk and spain and all of our businesses are growing in each market. we're hiring in all of those markets. anybody who wants to know. >> have you changed the mix of samples depending on the economic environment? for instance in 2008 did you have maybe a lower end price point product as well as a higher end or no? >> that's one thing about the beauty industry, trends are always changing. it's an accessible luxury. you've heard of the lipstick effect. when the company goes down people want to treat themselves. one thing we've seen this year is male trends. nail polish, nail art. >> carl loves nail polish. he just loves it. >> what are all those people who give out samples in department stores going to do when you put them out of business? >> they're doing something different. department store sampling and sampling in stores is a loyalty moment. it's not a great thing to do for customer acquisition. you still have to get a customer to walk up to you. we're doing something really different. it's customer acquisition and it's in a very targe
call. asia was up 13. europe was up 12. adding employees to europe, france, germany, very strong. similar to what bill mcdermott has been saying. we are all so doom and gloom about europe, ellison's talking about it's a bright spot. >> what about germany today, up again for december, as we mentioned at the top of the show, above $1.33 a day. something's going on there. the big upgrade on greece. that's kind of strange, right? >> up four or five notches. >> i have to stand up for a second. $8. >> is it finally time? >> i want to click my heels, but these are soft reeboks. you wouldn't hear it. >> are we going to see that, finally, at last? >> the way people were coming on and saying it's going to zero. >> running for the exit. >> when was the euro dissolved and greece kicked out? what was the date? >> it happened just in reverse. >> it was overnight. >> we'll see. i can't believe 2013 will not hold a couple of moments where we go, ah. but it is amazing. nothing we can do. >> we're afraid spain is going to come -- spain was supposed to come to market. italy, oh, my, what happens wh
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